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The impact of blockchain technology on business models – a taxonomy and archetypal patterns

Author

Listed:
  • Jörg Weking

    (Technical University of Munich)

  • Michael Mandalenakis

    (Technical University of Munich)

  • Andreas Hein

    (Technical University of Munich)

  • Sebastian Hermes

    (Technical University of Munich)

  • Markus Böhm

    (Technical University of Munich)

  • Helmut Krcmar

    (Technical University of Munich)

Abstract

Blockchain technology enables new ways of organizing economic activities, reduces costs and time associated with intermediaries, and strengthens the trust in an ecosystem of actors. The impact of this seminal technology is reflected by an upcoming research stream and various firms that examine the potential uses of blockchain technology. While there are promising use cases of this new technology, research and practice are still in their infancy about altering existing and creating new business models. We develop a taxonomy of blockchain business models based on 99 blockchain ventures to explore the impact of blockchain technology on business models. As a result, we identify five archetypal patterns, which enhance our understanding of how blockchain technology affects existing and creates new business models. We propose to use these results to discover further patterns fueled by blockchain technology and illustrate how firms can use blockchain technology to innovate their business models.

Suggested Citation

  • Jörg Weking & Michael Mandalenakis & Andreas Hein & Sebastian Hermes & Markus Böhm & Helmut Krcmar, 2020. "The impact of blockchain technology on business models – a taxonomy and archetypal patterns," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 285-305, June.
    • Handle: RePEc:spr:elmark:v:30:y:2020:i:2:d:10.1007_s12525-019-00386-3
    DOI: 10.1007/s12525-019-00386-3
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    Cited by:

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    2. Timo Rogalski & Dirk Schiereck, 2024. "When is blockchain worth it? Value and risk drivers of corporate blockchain announcements," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-24, December.
    3. Ali, Mohd Helmi & Chung, Leanne & Kumar, Ajay & Zailani, Suhaiza & Tan, Kim Hua, 2021. "A sustainable Blockchain framework for the halal food supply chain: Lessons from Malaysia," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
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    5. Hana Trollman & Guillermo Garcia-Garcia & Sandeep Jagtap & Frank Trollman, 2022. "Blockchain for Ecologically Embedded Coffee Supply Chains," Logistics, MDPI, vol. 6(3), pages 1-17, June.
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    7. Cheuk Hang Au & Kevin K. W. Ho & Kris. M. Y. Law & Dickson K. W. Chiu, 2024. "Critical success factors of users’ continuous intention of adopting cryptocurrency exchanges: LAS-VICT principle," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-16, December.
    8. Vineet Paliwal & Shalini Chandra & Suneel Sharma, 2020. "Blockchain Technology for Sustainable Supply Chain Management: A Systematic Literature Review and a Classification Framework," Sustainability, MDPI, vol. 12(18), pages 1-39, September.
    9. Kannan Govindan, 2022. "Tunneling the barriers of blockchain technology in remanufacturing for achieving sustainable development goals: A circular manufacturing perspective," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3769-3785, December.
    10. Govindan, Kannan & Jain, Preeti & Kr. Singh, Rajesh & Mishra, Ruchi, 2024. "Blockchain technology as a strategic weapon to bring procurement 4.0 truly alive: Literature review and future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 181(C).
    11. Chin, Tachia & Wang, Wannan & Yang, Meng & Duan, Yunlong & Chen, Yantai, 2021. "The moderating effect of managerial discretion on blockchain technology and the firms’ innovation quality: Evidence from Chinese manufacturing firms," International Journal of Production Economics, Elsevier, vol. 240(C).
    12. Ali Sunyaev & Niclas Kannengießer & Roman Beck & Horst Treiblmaier & Mary Lacity & Johann Kranz & Gilbert Fridgen & Ulli Spankowski & André Luckow, 2021. "Token Economy," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 63(4), pages 457-478, August.
    13. Jana Gerlach & Paul Hoppe & Sarah Jagels & Luisa Licker & Michael H. Breitner, 2022. "Decision support for efficient XAI services - A morphological analysis, business model archetypes, and a decision tree," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(4), pages 2139-2158, December.
    14. Muen Uddin & Shitharth Selvarajan & Muath Obaidat & Shams Ul Arfeen & Alaa O. Khadidos & Adil O. Khadidos & Maha Abdelhaq, 2023. "From Hype to Reality: Unveiling the Promises, Challenges and Opportunities of Blockchain in Supply Chain Systems," Sustainability, MDPI, vol. 15(16), pages 1-24, August.
    15. Lukas Kung & George M. Giaglis, 2024. "DAOs' Business Value from an Open Systems Perspective: A Best-Fit Framework Synthesis," Papers 2406.12445, arXiv.org.
    16. Chagas, B.T. & Jesus, D. & Palma-dos-Reis, A., 2024. "Blockchain's value proposition for online gambling: The operators' perspective," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    17. Oscar Lage & María Saiz-Santos & José Manuel Zarzuelo, 2022. "Decentralized platform economy: emerging blockchain-based decentralized platform business models," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1707-1723, September.
    18. Manisha C. Abeysekera & Priyantha Kumarawadu, 2022. "Analysis of factors influencing blockchain implementation in finance sector in Sri Lanka," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 12(2), pages 3-14.
    19. Rainer Alt, 2022. "Electronic Markets on platform dualities," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(1), pages 1-10, March.
    20. Handayani, Dwi Iryaning & Vanany, Iwan & Ciptomulyono, Udisubakti, 2023. "Blockchain Application in Food Supply Chains: Bibliometric Analysis and Future Research," International Journal on Food System Dynamics, International Center for Management, Communication, and Research, vol. 14(02), June.
    21. Rainer Alt, 2020. "Electronic Markets on sustainability," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(4), pages 667-674, December.
    22. Ahmad Ibrahim Aljumah, 2023. "Investigating the Impact of Blockchain Technology on Social Sustainability and the Mediating Role of Ethics and CSR," Sustainability, MDPI, vol. 15(21), pages 1-17, November.

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    More about this item

    Keywords

    Blockchain; Business model; Design science; Taxonomy; Pattern; Platform;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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